The Open Platform Raises $28.5 Million in Series A Funding

The Open Platform, a developer of Telegram-based protocols and apps built on The Open Network (TON), announced on Thursday the completion of its Series A funding round, raising $28.5 million at a valuation of $1 billion.

Led by Ribbit Capital, this round positions The Open Platform (TOP) as the first crypto unicorn in the Telegram blockchain ecosystem, according to the company.

> “TOP’s combination of expertise, capital, and our deep understanding of both TON and Telegram positions us as a leading force in this ecosystem,” said CEO Andrew Rogozov in an interview with Decrypt.

With this funding, the company has now raised over $70 million in total to accelerate the mainstream adoption of cryptocurrency. The latest funding will be used for geographic expansion, focusing on the United States and Europe.

> “With the support from our recently announced funding round, we’re now positioned to enter new markets and operate in more jurisdictions,” Rogozov stated. “This year, our immediate focus is expanding into the U.S. and Europe.”

Rogozov identified three components driving the firm’s expansion: product, legal, and infrastructure.

The Open Platform has developed several leading tools in the TON ecosystem, including:
– Wallet in Telegram: The first native crypto wallet within Telegram.
– TON Connect: A protocol for using external apps in Telegram.
– Getgems: An NFT marketplace.
– STON.fi: A token swap protocol.

> “On the product side, we’re scaling consumer apps that are deeply embedded in Telegram—like payments, games, and creator tools—with local market adaptation in the U.S., EU, and Asia,” Rogozov added.

In terms of infrastructure and legal support, the firm collaborates with regional builders and local partners to ensure compliance.

The Open Network saw a surge in user participation last year, thanks in part to the tap-to-earn gaming phenomenon, driven by games like Hamster Kombat and Notcoin.

Earlier this year, the network established an exclusive relationship with Telegram’s messaging app, which has blocked other blockchain integrations.

> “Telegram’s exclusive focus on TON has created a clearer ecosystem alignment, which benefits all builders in the space,” Rogozov remarked, emphasizing that this strategy solidifies TOP’s commitment to developing products tailored to TON and Telegram.

Rogozov stated that the next 12 months will be crucial in determining the success of their strategy, aiming for millions of users to engage with consumer apps built on TON, directly inside Telegram.

Edited by Andrew Hayward